Baird Medical has reported a net income of $4.4m for the six months that ended on 30 June 2024, (first half of 2024), an 85.8% rise compared to $2.4m for the first half of 2023.
The medical device company reported total revenues of $13.1m for the first half of 2024 (H1 2024), a 13.8% increase from $11.5m in the same period last year.
Baird Medical reported a gross profit of $11.5m for H1 2024, a 20.9% increase from $9.5 million in the first half of 2023.
Operating income was $5.1m, representing an increase of 70.0% from $3m in the same period of 2023.
Baird Medical founder and CEO Haimei Wu said: “Our preliminary results for the first half of 2024 reflect the continued strength of our core business in China and the initial traction we’re gaining in the US market.
“With our recent FDA clearances, we are optimistic about expanding our reach in the United States, where our minimally invasive microwave ablation technology offers a promising alternative to traditional thyroidectomy for patients with benign thyroid tumours.
“As we move forward, we remain committed to innovation and expanding access to our technology, while maintaining a disciplined approach to growth and operational efficiency.”
Established in 2012, Baird Medical is a China-based developer and provider of microwave ablation (MWA) medical devices, which has recently expanded into the US market.
Recently, the company completed its previously announced business combination with ExcelFin Acquisition, a special purpose acquisition company (SPAC), to start trading on the Nasdaq.
Its unique medical devices are used for the treatment of benign and malignant tumours including thyroid nodules, liver cancer, lung nodules and breast lumps.
